Paper punches are widely used for punching holes in paper to be used in ring binders or with various fastening devices used in assembling loose-leaf books or office files. As different numbers of holes and different hole spacing are required for different applications, punches have been provided with a plurality of spaced holes adapted to receive individual punching elements which are removable and interchangeable. By selecting the desired number of punching elements and placing them in suitably spaced holes of the punching device the desired number and spacing of holes can be punched in the paper.
While multiple punching devices of this kind are in general satisfactory, they have been found to be subject to various deficiencies and disadvantages. One difficulty has been in retaining the removable punching elements in the punch in such manner that they will not fall out when the punch is inverted but at the same time can be readily inserted and removed when desired. Another problem that has become more aggravated with increased material and manufacturing costs is that punches of this kind have become expensive to manufacture and hence must be sold at a high price.